Insuring the wellbeing of seafarers

Insurance has long been a key financial product within the maritime industry, offering protection to owners should anything happen to their vessel resulting in monetary or time losses. However, with the current spotlight on mental health and wellbeing, and the recent release of a study by the Institution of Occupational Safety and Health (IOSH) and Cardiff University on the topic, insurance providers are starting to encompass seafarer wellbeing into their products. John Sullivan, managing director for V.Scope, a V.Group brand and one of the maritime industry’s leading insurance providers, explains the ways in which maritime insurance can provide added reassurance for those working in the challenging world of seafaring.

“Insurance is a really important service for V.Group,” says John, “because we understand the importance of insurance to the ship owner.” Since entering the market in 1983, V.Scope has established itself in the maritime industry, insuring hundreds of vessels under V.Ships management and through external ship managers. “We’re very experienced in hull and machinery insurance and protection and indemnity insurance. It’s important for our customers to know that when something goes wrong, they will get a fast response to protect the vessel, the investment and the crew.”

V.Scope’s commitment to crew welfare has seen some changes to their service model in recent years. “At V.Scope, we go beyond the standard P&I insurance which covers repatriation and illness for seafarers on board,” explains John. “We provide private medical insurance to the top four officers for each vessel within the crew pool, including spouse and dependents. This covers on shore illness so if a seafarer falls ill whilst on leave, they have the peace of mind that they are covered.”

“We’re well aware of the link between seafarer wellbeing and vessel performance,” notes John. “At V.Scope we offer more than just vessel insurance, we offer solutions that ultimately enhance business results through empowering crew to stay healthy and focused.”

For more information on V.Scope’s maritime insurance solutions, contact John Sullivan at john.sullivan@v-risk.com.